Loan Census Banking News and Information
March 28, 2024  
 
 
  Business Loan Information  
 

North Salem, Indiana Small Business Loans

 
Loan Census SBA Loan Info

Getting a business loan in North Salem, Indiana seems challenging at first, but we're here to help you get started.

If you are hoping to get a small business loan and your business is based in North Salem, Indiana, we've assembled a list of local small business banks that you should contact.

Local North Salem Lending Resources

Without further adieu, here's our list of small business banks in North Salem.

Small Business Bank Recent SBA Loans
North Salem State Bank 68

Banks that Lend to North Salem Businesses

This is a list of banks outside of North Salem, Indiana that have provided SBA loans to North Salem businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
The Huntington National Bank
Columbus, OH
1

North Salem Bank Loan Tips

As a prerequisite to meeting with banks for a loan, you will need to develop the specifics of your loan request.

You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you plan to pay the money back to the bank.

Having a business plan is an important prerequisite. If the loan is to for a going concern, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, the bank may ask you to to pledge your personal assets, such as your individual retirement account or pension plan. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are devoted to supporting entrepreneurs, and we have a lot of useful articles about to Raising Money. If raising money is on your to-do list, we recommend you read Borrowing Money from Friends and Family.

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